The decision, effective Aug. 17, ends a six-month tale that began when Pacific Century undertook a $38.1 billion bid for Cable and Wireless.
After that strategy proved successful, he was encouraged to run for governor, but undertook a successful bid for Congress instead.
William F. Weld, the former governor of Massachusetts who undertook a rare bid to lead another state, dropped out of the race for governor of New York yesterday.
And the effort to undertake a hostile bid distracts the bidder's management.
Given this risk, many bidders are unwilling to undertake a hostile bid against a target with a staggered board.
Deal makers felt that after the Airgas decision, acquirers would be unwilling to undertake a hostile bid, particularly for a company with a staggered board.
Although no chief executive has thus far undertaken a formal bid for the White House, and Mr. Trump's victory may well prove an historical anomaly, many have been pegged as potential candidates, including Oprah Winfrey Bob Igerr, the chief executive of Disney; and Mark Cuban, the owner of the Dallas Mavericks.
Updated, 10 06 p.m. | George E. Pataki, the former three-term New York governor who undertook a long-shot presidential bid that failed to catch fire, withdrew from the presidential race on Tuesday, urging Republicans in a televised message to nominate another candidate who could bring the country together.
Mr. Bloomberg has long coyly denied rumors that he would undertake an independent bid, even as some of his aides have laid the groundwork for one.
After no acceptable bid emerged, the company undertook a massive restructuring of the unit, which makes Day-Timer organizers and Swingline staplers.
In fact, under an interim agreement between WPP and Y.& R., it would be almost impossible for Mr. Sorrell to undertake a surprise hostile bid.
